b. Determine the inventory balances at the end of the first month of operations. Round yo Financial staterments of a manufacturing firm The following events took place for Sorensen Manufacturing Compeny dunng lanuary, the first month of its operations as a producer uf tifgrai visea monasen a. Purchased $238,000 of materials: b. Used $171,360 of direct materials in production. c. Incurred $428,400 of direct labor wapes. d. Incurred $171,400 of factory overthead. e. Transferred $723,500 of work in process to finished goods. f. Sold goods for $1,142,400. g. Sold goods with a cost of $642,600. h. Incurred $204,700 of selling expense. 1. Incurred $119,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analyss, and input your aswant in the questinis be Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufocturing Comparry. found your answers to the nesrest doliat. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. b. Datermine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar